Member Info for jt2017

The news “within weeks” of financial close on the 2 wind projects, as mentioned at the agm, has not materialised. It looks like the preferred bidders have not yet been announced by the SA Ministry, so maybe the bod jumped the gun. I’m not sure how critical this is to the demerger plan, as char’s stake in the projects are not massive and I expect the news would not make much difference to the sp anyway.

As others have suggested, the possible tie in with ACWA could mean that they could be the minority equity investor in the demerged company. Looking at the presentation slides, it stated “Initial subsidiary funding in H2 2025; looking to secure longer-term strategic partner”, so we can assume that the mou with ACWA is the start of that process.

Would be nice to see news of new ventures before year end, as mentioned in the July presentation timeline IMHO.

It needs a 2nd reading, which is not currently listed in the diary as far as I can see, so I don't expect the bill to pass into law for a few months yet.

Shouldn't stop them announcing a revised development plan though IMHO

I will keep my eyes peeled for an RNS on that one Harry!

All views are welcome here as far as I'm concerned. We all want to see the sp increase, but have no real influence over it.

No need for name calling though, just agree to disagree!

Not a great look for the Ministry:

https://www.namibiansun.com/government/ithete-dismissed-over-expired-oil-block-deal-angolan-trip2025-10-27

Hi Wiggly, the meeting today is just a committee reviewing the bill to convert onhym to a public limited company. There is still a long way to go before it gets royal assent, but we may get an idea of the timeline. I'm not sure if any announcement by char for the revised Anchois development is dependant upon the bill becoming law. I still expect some news on Anchois before the end of the year though. IMHO

Https://www.linkedin.com/posts/melissa-chin-22a83573_congratulations-to-gesgb-geoscience-energy-activity-7387540835241717760-bNkM

Hopefully after next Monday’s parliament meeting in Morocco, we may get some indication of the timeline for onhym’s conversion to a public limited company, assuming it is another piece of the jigsaw holding up any announcement of the revised Anchois development plan.

Hi Surfit,

You do have valid points. Could be wrong, but I remember AP saying that work commitments do get moved between license periods upon agreement (I assume behind closed doors). So maybe the seismic commitment could be moved to a new extension after 18th Nov. I do agree that a six month extension is strange, but also the fact that the Ministry did not announce the extension until some months after the previous license expired (although the license was with enog until May). Anyhow, we are close to November, so not long to find out, unless radio silence continues after the expiry date.

As for AP’s comments, I’m not a disciple and do take everything he says with a pinch of salt, especially regarding timescales, but I believe using the money raised for Loukos to fund the renewables has probably kept us afloat. IMHO

Like the rest of the bod, he was very approachable at the agm and was prepared to answer any question no matter how difficult, so full respect for that. I’m prepared to give them the benefit of the doubt for now and see how things pan out over the next six months. If nothing has changed or things get worse, then I may jump off the fence into your field!

Good to have a pleasant exchange of views though.

As for the share split, I think they said you get 1 share in each company for every share you have now, but others present at the agm may be able to confirm. I think someone asked about the possibility of a share consolidation when the split occurs, which they did not rule out. Also I expect the renewable company will itself raise funds with new investors. IMHO

Cheers.

Hi Surfit, I did raise the question about those license changes at the agm and AP was aware of the press report and said it was not a problem. I think the key thing here is the minimum work commitments, the report does not say what has changed, only that they have been revised. AP commented that while working with onhym, changes to the licenses / periods / commitments is just part of the working process. I may be naïve, but I can’t see onhym giving up on char, while they want Anchois developed.

As for news, I’m as frustrated like everybody else, but still prepared to give them time. The “news in weeks” for the financial close of the wind projects, was mentioned later in the agm to be expected in October, if I recall correctly (which is now running out fast). Anyhow, this Etana news release is not under their control, but I still expect it will happen sooner rather than later, just as I expect news of the revised Anchois development before the end of the year. It looks like Etana is beginning to “wheel” power, so must be starting to generate revenue.

Loukos, I did not get the impression that there is the interest at the moment, but that’s just my take from the agm.

As I’ve said previously, I believe the bod are committed to change the business model to produce earnings, rather than chase rainbows. The speed at which this happens may dictate the need for further raises though. IMHO

I’m still positive, just trying not to get “cabin fever” while waiting for news!

I agree Ian, it looks like they intend to fund both businesses at the sub level and I assume an equity raise for new investors will be part of the power demerger. I think Oiltdr hinted at this being the reason for low admin costs being assigned from the last raise (feel free to confirm Oiltdr). It all depends upon how the next 6 months pan out. If their current plan is successful and we can see income generation in the short term, then a further raise will not be required. However, if the sp recovers and things are progressing more slowly than anticipated, then I wouldn’t rule out another raise. IMHO

Https://www.bncnetwork.net/project/Chariot_Oil_Gas_Limited_Anchois_Gas_Field_Development/MTg2MTE4

Hi Surfit, I got a prompt response back from IR regarding the shareholder data saying they expect the next shareholder analysis to come through in October and the website will be updated afterwards (I assume before December). So no real issue, just overthinking it on my part. DYOR

That's one question maybe Oiltdr could answer.

Hi Surfit, the analysis on the website history has shown AA's holding fluctuate over the last 18 months (was as low as 5.9% on 30/9/24), but hey, he is still committed with just under 8% now. I will ask IR why the data is not more recent though.

Hi Surfit, I took a copy of the previous list dated 14/3/25 and AA had 6.7%, so looks like he added during the raise.

As the data is 3 months old, it means they will have to update again in December to comply with AIM rules.

I wonder why the data is 3 months old i.e. 20/6/25, just after the raise? They normally release the latest up to date numbers.

Updated:

https://chariotenergygroup.com/investor-centre/aim-rule-26/

I would caveat Klein’s comments with the bod’s reluctance to commit to timescales, which is entirely understandable as the timing of any news on those three fronts is not fully under their control. That said, I’m confident we will see progress on all three this year, with renewables / Etana news probably first. The completion of the re-scaled Anchois development plan / re-partnering will be a significant sp driver though. I was impatient for positive news before the agm, but much more relaxed about it now, as convinced that they are working hard to deliver asap. IMHO

I don't think they are desperate to sell the renewables, but if they get a really good offer (which values the projected growth), then I'm sure they would take it. In other news, char IR confirmed the significant shareholders list on the website will be updated before the end of this month after I enquired.